The low rolling resistance tire market is projected to experience significant growth, with estimates indicating it could reach USD 54 billion by 2033, driven by a robust compound annual growth rate (CAGR) of 11.3%. This expansion is primarily fueled by the increasing demand for fuel-efficient vehicles and a heightened emphasis on reducing carbon emissions. Low rolling resistance tires are engineered to minimize energy loss during rotation, making them crucial for enhancing vehicle efficiency and promoting sustainability.
As both consumers and manufacturers prioritize environmental considerations and cost savings, the market for low rolling resistance tires is expected to witness ongoing innovation and widespread adoption, becoming a pivotal element in the automotive industry’s transition to greener technologies.
Industry stakeholders are increasingly integrating nanomaterials into tire production to harness their advantages in lowering rolling resistance, improving wear resistance, and enhancing safety. The rising demand for fuel-efficient vehicles, which require less engine power due to the lower rolling resistance of these tires, is anticipated to further propel market growth and boost sales.
The surge in popularity of electric and hybrid vehicles, which utilize low rolling resistance tires to optimize battery range, is also driving demand. Moreover, advancements in tire technology, such as the incorporation of silica compounds, are benefiting the sector. Many manufacturers are collaborating with leading research institutions to foster product innovation. For instance, Sumitomo Rubber Industries Ltd. partnered with Kansai University in March 2021 to explore new technologies for generating electricity from tire rotation. This research aims to integrate a power-generating device within the tire to capture static electricity produced during rotation. Such innovative initiatives are expected to create significant growth opportunities in the market throughout the forecast period.
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Key Takeaways from the Low Rolling Resistance Tire Market Report:
- The United States low rolling resistance tire market is expected to grow with a CAGR of 11%.
- The market in China is expected to grow with a CAGR of 11.4% during the forecast period.
- By sales channel, aftermarket segment is projected to grow with an impressive CAGR of 14.4% during the forecast period.
- The market in India is expected to grow with a CAGR of 11.5% throughout the forecast period.
Competitive Landscape:
The low rolling resistance tire market is intensely competitive, with several key industry players investing heavily in providing these services.
Leading Key Players:
The low rolling resistance tire market is dominated by leading key players such as Bridgestone Corporation, The Goodyear Tire & Rubber Company, Sumitomo Rubber Industries Ltd., Pirelli & C S.p.A, Hankook Tire, MICHELIN, and Continental AG. Other significant contributors include Trelleborg AB, The Yokohama Rubber Co. Ltd, Apollo Tyres Ltd., Maxxis International (Cheng Shin Rubber), Marangoni S.p.A, and MRF Tyres. These companies are at the forefront of innovation, focusing on enhancing fuel efficiency and reducing carbon emissions through advanced tire technologies. Their competitive strategies involve substantial investments in research and development to produce high-performance, sustainable tire solutions.
Recent Developments:
- In 2021, Goodyear Tire & Rubber Company began the acquisition of Cooper Tire & Rubber Company for approximately USD 2.5 billion. This move expands Goodyear’s product range, strengthens its position as a US-based manufacturer, and boosts its presence in retail and distribution channels for LUV product and light trucks segments.
- In February 2022, Yokohama Tire Corporation launched sustainable tires for Supercars, utilizing biomass-derived synthetic rubber and recyclable thermo-reversible rubber.
- Bridgestone Corporation, in 2021, announced a USD 9.3 billion investment in launching revolutionary equipment at the Shimonoseki Plant. This facility manufactures tires for construction and mining vehicles. The installation process, scheduled to begin in 2022 and conclude by 2025, aims to enhance the company’s production system in terms of eco-friendliness, disaster preparedness, safety, quality, and productivity.
Low Rolling Resistance Tire Market Segmentation:
By Vehicle Type:
- Passenger Vehicle
- Light Commercial Vehicle
- Heavy Commercial Vehicle
By Width Type:
- Dual Type
- Wide Band Type
By Sales Channel:
- OEM
- Aftermarket
By Region:
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa
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